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Weather Insurance???

Discussion in 'Business Fundamentals' started by JohnnyRoyale, Jan 16, 2009.

  1. JohnnyRoyale

    JohnnyRoyale 2000 Club Member
    Messages: 2,935

    While reading a past issue of Snow Magazine while on the throne I came across a small blurb on a company that insures against losses from weather...interesting. Here's the link www.weatherbill.com
  2. Yup, when I lived in Florida we had weather insurance to protect us against Hurricanes. Then we had Tornado insurance when I lived in Memphis Tennessee and Landslide and Earthquake insurance when I lived in Los Angeles, California. I've been in them all too, luckily no damage..
  3. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    Is that weather Bill in the add?
  4. redman6565

    redman6565 PlowSite.com Addict
    Messages: 1,411

    what would weather insurance do? pay you if it doesn't snow enough?
  5. Vortex

    Vortex Junior Member
    Messages: 6

    WeatherBill does not offer weather insurance. They offer weather derivatives. It works like insurance, but the buyer must have $1 million of net worth or $10 million in assets to purchase.

    What's in your wallet?!

  6. Camden

    Camden PlowSite Fanatic
    Messages: 6,604

    Rob - I read the letter that you sent me earlier this week.

    I'm interested in learning more about what you have to offer...specifically prices. Could you give me a sample quote? Feel free to use your own numbers are far as snow total and gross revenue is concerned. And this policy would be written for a snow removal contractor.

    I'm sure there are several others who are interested in this as well.

    (Sorry for bumping a 6 month old thread but you only have 2 posts :p)
  7. RLM

    RLM PlowSite.com Addict
    Messages: 1,270

    I spoke with a women in their both, she said, if I remeber correctly, cost is 8-10% of the amount insured, many diffent ways the policy could be written & they only have limited markets (state licences). It is an intresting concept, especially for markets like ours, or canada, where its mainly one price for the season, durring a heavy year it could save your butt. If a market is mainly per push, it could also be written for if it didn't snow as well from my understanding.
  8. Vortex

    Vortex Junior Member
    Messages: 6


    I could certainly send a quote, but you'd have to contact me off this site (913-253-1250). BTW, I was just in your neck of the woods. Spent some time on a lake near Cross Lake (Big Trout Lake) before heading up to Lake Vermillion for the 4th of July weekend. I always love going home to MN whenever I can.

    Give me a shout!

  9. Vortex

    Vortex Junior Member
    Messages: 6


    Just to correct, the insurance product is fully admitted and we are licensed in all 50 states. Premiums are approximately 8-15% of the insurance limt, depending on how close to "normal" one would require the insurance to kick in.

    Is NY ever going to see a summer? Looks like you, and much of the northeast and Great Lakes regions went from winter to spring, and are still waiting for summer to show up!